Quantitative Analysis for Managers Sampling Distributions Why is it important to

Question

Quantitative Analysis for Managers Sampling Distributions
Why is it important to understand random sampling when drawing conclusions about a population from a sample? Would random selection be important if you were making a decision to accept a shipment of goods from a supplier or reject a shipment of goods from a supplier? Why or why not? Cite a couple of examples where the concept of random sampling is important in the business environment.
Quantitative Analysis for Managers Sampling Distributions
Why is it important to understand random sampling when drawing conclusions about a population from a sample? Would random selection be important if you were making a decision to accept a shipment of goods from a supplier or reject a shipment of goods from a supplier? Why or why not? Cite a couple of examples where the concept of random sampling is important in the business environment.
Quantitative Analysis for Managers Sampling Distributions
Why is it important to understand random sampling when drawing conclusions about a population from a sample? Would random selection be important if you were making a decision to accept a shipment of goods from a supplier or reject a shipment of goods from a supplier? Why or why not? Cite a couple of examples where the concept of random sampling is important in the business environment.

Explanation / Answer

Answer

Sample is the representative of the entire population. It is important to understand the random sampling regarding the population, that the only way to be sure that the sample is not biased and is representative of the population as a whole, each sample is chosen entirely by chance and each sample is of the population has an equal probability of being included in the sample.

Yes it is important, because of the probability of getting a desired sample and a defective, from the entire population that is goods at large, helps to decide whether to accept the shipment or to reject it. Based on the desired quality and criterias with maximum successful samples the shipment can be accepted.

Examples when random sampling is important in business environment:

Used in new Market research to find out the customer base,

Used in new product development by testing the success of a new product by launching it in the market.

It can be implemented to know customer satisfaction regarding the product offerings and services.

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